Low Overdraft Fees Banks - 3 Things to Look For
Low Overdraft Fees Banks - 3 Things to Look For
Overdraft fees have become a necessary evil for many people. On the one hand, overdraft protection sounds like a pretty good deal. Essentially, it means that your bank is protecting you from having to face a bounced check or be denied debit charge at the register. At the same time, however, the service results in huge charges to your account every time they are made. A typical overdraft charge is $25 to $35, depending upon the bank.
And, banks are making a killing on overdraft fees, to the tune of about $30 billion per year. In fact, these fees - also known as NSF fees - have become a significant source of income for banks.
Luckily, there is an excellent alternative to your paying heavy overdraft fees. There are some great banks sprouting up now that will never charge you an overdraft fee - even if you overdraw your account. That's right: they will cover your overdrawn charge and not charge you a fee.
If you are looking for low overdraft fees banks, here are 3 things to look for:
1. Make sure the bank is FDIC-insured: Any bank with which you do business should be FDIC-insured, which means the government will cover you if the bank goes out of business.
2. Find out whether they allow you to conduct your banking online: Make sure the bank has an online banking option. Online banking is essential today for a smooth banking experience.
3. Check out their website in detail and pay attention to the feeling you get when you are there: Remember that it's not just about their offer: it is about how they make you feel. Do you like what they stand for? Do you trust them? Pay attention to this when making your decision.
Look for these 3 things when selecting your no-overdraft-fee bank.